Hoboken Business Insurance

Your Complete Guide to Hoboken, NJ Business Insurance

Find the right business insurance policy for you.

Home to the first Blimpie restaurant, Hoboken, New Jersey is a great place to own a business. Perhaps that is why John Wiley & Sons moved their headquarters from Manhattan to this vibrant city. Companies in the finance, insurance, professional, scientific, and technical industries are most abundant in Hoboken, but businesses of all types have found success here. As a company owner in Hoboken, you will want to be sure to safeguard your investment by purchasing a comprehensive business insurance plan. Contact a local independent insurance agent for recommendations about the appropriate commercial insurance solutions to protect against each of the hazards your company faces.

Does Hoboken Business Insurance Shield against Liability Lawsuits?

A liability lawsuit against your business can be overwhelmingly expensive—even if the courts ultimately rule in your favor. Your legal defense fees and employee time spent defending against accusations can really add up. That is why liability insurance is a crucial part of every business insurance policy. All business insurance policies include commercial general liability insurance (CGL). It is designed to cover against some of the more common liability risks businesses face. It has two main coverage components:

Depending on the type of business you own, you may need to purchase additional liability insurance products in order to be fully covered against all of your exposures. Some of the many other commercial liability products that are available to you include:

  • Liquor liability insurance: This covers businesses that sell, serve, or otherwise furnish alcoholic beverages in the event that an intoxicated patron causes damage or injury to others and the business that provided the alcohol is named in a lawsuit.
  • Environmental liability insurance: This covers damage and clean-up costs if an accident at your facility causes toxic substances used by your business to pollute the ground, water or air.
  • Employment practices liability insurance (EPLI): This covers your business against accusations of discrimination, harassment, wrongful termination, and other illegal business practices.
  • Professional liability insurance: This covers individuals in professional positions in the event that they are sued for damage caused by errors in judgment, failure to act, or acts of professional negligence.
  • Cyber liability insurance: This covers businesses that track or store sensitive customer information in the event that this data is accessed by hackers and those affected sustain financial or personal damage.

An independent insurance agent can help you determine whether these or any other commercial liability products are appropriate for your Hoboken business.

Property Insurance for Businesses in Hoboken, NJ

Your business insurance policy will also include commercial property coverage. This is designed to cover your business property against loss or damage caused by property crimes, natural disasters, accidental fires, and other risks. You will need to be sure that your coverage limits are sufficient to fully cover your company’s assets. Some types of business property will need to be insured by specialized policies, such as:

An independent insurance agent will be able to offer you trustworthy advice about which policies are appropriate for your particular business. That way, you can be sure that all of your company’s assets are suitably protected. Also, be aware that business insurance rarely covers flood damage. If your Hoboken business is at risk for flash flooding, particularly in the wake of a hurricane, you will need to purchase a separate commercial flood insurance policy through the National Flood Insurance Program (NFIP). Your local independent insurance agent can explain more and help you secure an affordable policy.

Business Interruption Insurance Protects Hoboken Businesses

Superstorm Sandy caused a great deal of destruction in Hoboken. Long-lasting power outages, as well as wind and flood damage, caused several businesses to remain closed for an extended time.

  • Number of federally declared disasters in New Jersey since 1953: 51
  • Most common reasons for declared disasters in New Jersey: Severe Storms and Hurricanes

Natural disasters can be quite damaging, not just to your business-owned property, but to your company’s bottom line. If your business is forced to close down so that repairs can be made, the loss of income can be financially devastating.  Business interruption insurance was created to prevent this problem. Business interruption insurance is designed to provide a continuation of income during the times your company suffers a forced extended closure. This insurance, which is usually limited to one year, enables you to continue to pay employee salaries and monthly expenses even while there is no income being generated. Talk to your local insurance agent to learn more.

Do Employers in Hoboken Need Workers' Compensation Insurance?

Even when businesses are OSHA-compliant, workers are sometimes injured on the job. Whether your employees suffer a physical injury or become ill from exposure to a toxic substance, as their employer, you are responsible for covering the cost of their medical treatment and lost income. Workers’ compensation insurance is designed to cover these expenses. In New Jersey, any business that has one or more employees is required to carry this insurance. Sole proprietors with no employees are exempt but may choose to cover themselves if they want to.

The cost for workers’ compensation insurance is based on your company’s overall payroll and the probability of significant employee injuries based on the types of jobs your workers do. It costs more to cover a worker at a roofing company than to cover an analyst at an accounting firm. Your local independent insurance agent can help you secure a competitively priced policy through an insurance provider that specializes in covering businesses in your industry.

Employee Benefits for Businesses in Hoboken, NJ

Studies by human resources managers have demonstrated that there are advantages to offering your employees an attractive benefits package. Providing perks such as paid vacation and sick time, health insurance, and life insurance can help you attract and retain an ideal assortment of employees. Finding the best insurance products to offer your employees can be a challenge. This is particularly true when it comes to healthcare coverage, which is notoriously expensive. But healthy employees tend to be more productive, so providing this coverage may prove to be cost-effective.

  • Average amount spent per year on healthcare coverage by New Jersey businesses: $2,239,166
  • Ranked 8th for highest medical insurance costs in the US
  • Average annual cost of health care in New Jersey: $6,283/person or $17,396/family

There are several different life and health insurance policy types and options available for you to choose from. An experienced insurance professional can explain the pros and cons of your various options so that you are able to make an informed decision about which is the best for your business. Talk to a local independent insurance agent to learn more.

Independents Agents Can Help You Find the Best Hoboken Business Insurance

There are several different business insurance policies and options you can choose from when you are building a coverage portfolio for your New Jersey business. This can make shopping confusing, especially if you are unfamiliar with the ins and outs of the various insurance products available to you. Independent insurance agents in Hoboken can help. These insurance professionals can help you find appropriate coverage at competitive rates. 

Find an insurance agent in or near Hoboken to learn more, and you can start comparing customized business insurance quotes in no time.

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
http://www.city-data.com